VAN BUREN TOWNSHIP — Visteon Corporation today announced that Don Stebbins stepped down as chairman, chief executive officer, and president of the company on Friday, Aug. 10.
Stebbins joined Visteon in May 2005 as president and chief operating officer, and was named CEO in June 2008. He had served as chairman since Dec. 1, 2008.
The Visteon board has appointed current director Timothy D. Leuliette interim chairman of the board and interim CEO and president. The board of directors will begin a search to identify candidates for the CEO and president position.
Speaking on behalf of the board of directors, Lead Independent Director Kevin Dowd said, “Under [Stebbins’] leadership, Visteon successfully completed a major global restructuring initiative. … Visteon today has a competitive financial, technological, and geographic profile, as evidenced by customers awarding the company nearly $1.1 billion in new business in 2011.”
Dowd continued, “We are fortunate to have someone of Tim’s caliber and experience to step in and lead Visteon on an interim basis. … This will be an orderly transition with Tim at the helm. Visteon will remain sharply focused on creating value for our shareholders, while continuing to provide customers with the high-quality products and services they have come to expect.”
Leuliette has a strong background in the automotive industry and extensive experience and relationships in Asia. Until 2010, he served as president and chief executive officer of automotive supplier DURA Automotive, leading that company to a successful recapitalization and sale after its emergence from restructuring.
Leuliette has been a director of Visteon since 2010. He holds an MBA with distinction as well as a degree in mechanical engineering with distinction from U-M.
Visteon also announced the appointments of Francis M. Scricco and David L. Treadwell to the board of directors, increasing the board’s membership from seven to eight.
Scricco spent 27 years in senior leadership positions in six different industries. He was senior vice president, manufacturing, logistics, and procurement, for Avaya, Inc., a global business communications provider, from February 2007 until his retirement in October 2008.
Treadwell is chairman of C&D Technologies, Inc., a producer and marketer of electrical power storage and conversion products, a position he has held since April. He has been a director of C&D since December 2010 and chairman of its board since January 2011.
Scricco will serve on the corporate governance and nominating committee and will serve as chairperson of the organization and compensation committee. Treadwell will serve on the audit committee and finance and corporate strategy committee.
Learn more at www.visteon.com.